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Market Update

American Eagle Outfitters Inc dropped 16.4% to $10.30 after the specialty apparel retailer estimated second quarter revenue to decline on tough comparison. 

Revenue in the first quarter increased 2% to $1.1 billion, driven by 5% increase in retail store revenue and 4% decline in online sales. 

Net income declined to $18.5 million from $31.7 million and diluted earnings per share fell to 9 cents from 16 cents a year ago. 

The retailer estimated second quarter revenue to decline in "low single-digits" compared to last year and operating income in the range of $25 million to $35 million. 


25 May, 2023

 

Best Buy Company Inc jumped 1.9% to $70.49 after the electronics retailer reported slightly better-than-expected adjusted earnings in its latest quarter ending in April. 

Revenue in the fiscal 2024 first quarter declined to $9.5 billion from $10.6 billion, driven by 11% fall in domestic revenue to $8.8 billion on 10.4% fall in comparable sales. 

Net income declined to $241 million from $341 million and diluted earnings per share fell to $1.11 from $1.49 a year ago. 

In the fiscal first quarter, the company returned a total of $281 million to shareholders through dividends of $202 million and share repurchases of $79 million.

The electronics retailer reiterated its fiscal 2024 sales outlook between $43.8 billion and $45.2 billion and comparable sales to decline between 3% and 6%. 


25 May, 2023

 

Nvidia Corporation soared 23.5% to $375.16 after the advanced chip maker reported better-than-expected quarterly sales and earnings. 

The company also lifted its annual outlook on the back of demand for its AI chip. 

Revenue in the fiscal first quarter declined 13% from a year ago and increased 19% from the previous quarter to $7.19 billion. 

Net income increased 26% to $2.0 billion from $1.6 billion and diluted earnings per share rose to 82 cents from 64 cents a year ago. 

The company estimated fiscal second quarter revenue of $11.0 billion with a band of 2% and GAAP gross margin of 68.5%. 

In the first quarter of fiscal 2024, NVIDIA returned to shareholders $99 million in cash dividends and the company will pay its next quarterly cash dividend of 4 cents per share on June 30, to all shareholders of record on June 8.

Other semiconductor stocks traded higher after results from Nvidia boosted the prospects for the sector. 


25 May, 2023

 

Zoom Video Communications Inc declined for the second day in a row and fell to $64.26 after the company reported higher sales but a sharp plunge in earnings. 

Earnings in the first quarter declined to $15.44 million from $113.66 million and diluted earnings per share plunged to 5 cents from 37 cents a year ago. 


24 May, 2023

 

Lowe's Companies declined 1.6% to 12,461.55 after the home improvement retailer reported better-than-expected sales and earnings but the company lowered its annual outlook. 

Comparable sales fell 4.3%, driven by lumber deflation,  unfavorable weather and lower DIY discretionary sales. 

Net sales in the first quarter declined to $22.3 billion from $23.7 billion and net income fell to $2.26 billion from $2.33 billion and diluted earnings per share rose to $3.77 from $3.51 a year ago. 

Sale of Canada retail operation contributed to 10 cents of earnings per share in the quarter. 

Lowe's estimated full-year sales in the range of $87 billion to $89billion, lower than the previously estimated range between $88 billion and $90 billion. 

Comparable sales are estimated to decline between 2% and 4%, compared to the previous estimate between flat and 2% decline.  


24 May, 2023

 

Kohl's Corporation soared 10.1% to $21.21 after the department store chain reported better-than-expected quarterly results. 

Sales in the first quarter declined 3.3% from a year ago $3.36 billion and net income was unchanged at $14 million and diluted earnings per share fell to 11 cents from 13 cents a year ago. 


24 May, 2023

 

Children's Place Inc plunged 24.7% to $17.93 after the specialty retailer reported a decline in earnings and a loss in the first quarter. 

Revenue declined 11.2% to $321.64 million from $362.35 million and the retailer swung to a net loss of $28.83 million compared to a profit of $19.83 million and diluted earnings per share was ($2.33) compared to $1.43 a year ago. 


24 May, 2023

 

BJ's Wholesale Club Holdings Inc decreased 1.5% to $63.80 after the membership warehouse club reported weaker-than-expected sales. 

Revenue in the first quarter increased to $4.72 billion from $4.49 billion and net income increased to $116.0 million from $112.4 million and diluted earnings per share rose to 85 cents from 82 cents a year ago. 


24 May, 2023

 

Abercrombie & Fitch Company soared 24.5% to $28.64 after the specialty apparel retailer reported higher-than-expected profit and lifted its full-year outlook. 

Net sales in the first quarter increased 3% to $835 million from $812 million and the company swung to a profit of $17.8 million from a loss of $14.8 million and diluted earnings per share was 33 cents compared to a loss of 32 cents a year ago. 

The retailer revised its full-year net sales growth estimate to between 2% and 4% from the previous estimate of an increase between 1% and 3% from $3.7 billion sales in 2022.    


24 May, 2023

 

Applied Materials, Inc fell 2.7% to $126.36 after the semiconductor equipment maker reported mixed quarterly results. 

Revenue in the fiscal second quarter ending in April increased 6% to $6.6 billion and gross margin of 46.7%. 

Net income increased 3% to $1.57 billion from $1.53 billion and diluted earnings per share increased to $1.84 from $1.74 a year ago. 


19 May, 2023

 

Farfetch Ltd soared 26.1% to $5.46 after the online fashion platform reported higher-than-expected quarterly results. 

Revenue in the first quarter increased 8% to $476.2 million from $435.9 million and the company swung to a profit of $728.8 million from a loss of $174.3 million and diluted loss per share shrank to 37 cents from 43 cents a year ago. 


19 May, 2023

 

Deere & Company increased 3.3% to $382.83 after the agriculture equipment maker reported better-than-expected quarterly results. 

Revenue in the fiscal second quarter ending in April increased 30% to $17.4 billion from $13.4 billion and net income advanced to $2.1 billion from $2.1 billion and diluted earnings per share rose to $9.65 from $6.81 a year ago. 

The company revised higher full-year net income between $9.25 billion and $9.50 billion with cash flow from equipment operations expected to be between $10.0 billion and $10.50 billion.


19 May, 2023

 

Foot Locker Inc plunged 24.1% to $24.55 after the specialty  retailer reported weaker-than-expected sales and earnings in the first quarter. 

The athleticwear maker reported first quarter sales declined 11.4% to $11.9 billion after comparable store sales declined 9.1% on macroeconomic headwinds. 

Gross margin declined 400 basis points from a year ago, driven by a combination of higher markdowns, and store closings, as well as an increase in theft related shrink.

Net income declined to $36 million from $133 million and diluted earnings per share fell to 38 cents from $1.33 a year ago. 

In the quarter, the retailer paid 40 cents a share dividend or $38 million and the company's board approved 40 cents a share dividend payable on July 28 to shareholders on record July 14. 

The company lowered its annual revenue decline forecast between 6.5% and 8.0% from the previous estimate between 3.5% and 5.5% and revised lower comparable sales decrease outlook between 7.5% and 9.0% from 3.5% to 5.5%.  

During the first quarter, the company opened 13 new stores, remodeled, or relocated 18 stores, and closed 35 stores and operated 2,692 stores in 29 countries in North America, Europe, Asia, Australia, and New Zealand. 

In addition, 163  franchised stores were operating in the Middle East and Asia. 


19 May, 2023

 

Walmart Inc increased 1.9% to $151.45 after the retailer said revenue in the first quarter increased 7.6% to $152.3 billion. 

U.S. comparable same store sales increased 7.4%, driven by 2.9% increase in number of transactions and 4.4% rise in average ticket size. 

Net income in the quarter decreased 18.5% to $1.7 billion from $2.1 billion and diluted earnings per share declined to 62 cents from 74 cents a year ago. 

The company forecasted consolidated store sales to increase 4.0% in the second quarter and 3.5% in the fiscal year 2024. 


18 May, 2023

 

Take Two Interactive Software, Inc soared 12.8% to $141.0 after the videogame developer reported higher-than-expected revenue in the fiscal fourth quarter. 

Revenue in the fourth quarter ending in March increased 56% to $1.45 billion from $930 million and the company swung to a net loss of $610.3 million from a profit of $110.9 million and diluted earnings per share was ($3.62) from 96 cents a year ago. 

The company forecasted net revenue in the fiscal year 2024 between $5.37 billion and $5.47 billion and net loss range from $518 million to $477 million and net loss per share between $3.05 and $2.80.   


18 May, 2023